having done extensive rust repair on my 122 in almost all parts of the vehicle and I can confirm that that asbestos is definetly just a harmless little tar paper used for insulation and sound dampening (very ineffective, i might add). For a cheap and effective replacement idea, go out and buy the VERY BEST carpet padding you can find and cut to fit. Works great and is only $.50 per square foot. And yes, the fibrous insulation is a natural fiber. Nothing harmful on a 122 but lots (and lots) of rust.

Josh